Greater Lowell GMC Truck Leasing

Should You Lease or Buy a Buick GMC from Greater Lowell?

While there may be several reasons why people consider leasing a car or truck from Greater Lowell Buick GMC in Lowell MA, three of the most common are: They enjoy driving a new vehicle every few years, they use the vehicle for business like a GMC truck, or they want the lower monthly payments typical of a lease.

Is Leasing a Buick or GMC Less Expensive than Buying?

While the price of the car or truck may not be less expensive, the monthly payments for leased vehicles are typically lower than the monthly payments when you buy. This is because you are only paying for the part of the car or truck that you are using. In other words, you are paying for the depreciation on the vehicle over the duration of the lease. When you buy, your monthly payments reflect the entire purchase price of the vehicle. Because of this, people who choose to Buick or GMC lease payments can often times lease a more expensive vehicle and have the same monthly payments as if they bought a less expensive vehicle.

What Other Costs are Associated with Leasing?

Similar to renting an apartment, costs associated with leasing a Buick or GMC typically include first month’s payment plus a security deposit that is refundable. Often gap insurance, which covers the difference in price between the cars value and what your insurance company will pay if the car should be damaged or stolen, is also required. There may also be a mileage fee if you drive over the annual mileage limit set in your lease agreement. These upfront costs are usually not required when buying a vehicle. Other costs such as a down payment, sales tax (on the full purchase price), loan interest, and miscellaneous government fees usually come into play when buying.

What Happens at the End of My Buick or GMC Truck Lease?

When your lease expires, you pretty much return the vehicle to the dealership and walk away or discuss the option to purchase the vehicle from the dealership. Sometimes there may be end of lease costs for things like excessive mileage or scratches and dents that are considered beyond normal if you do turn the car or truck back in to Greater Lowell Buick GMC. Additionally, when turning in a lease you usually don’t retain the same value as if you were trading in a car you purchased, and you can’t sell it to a third party without purchasing the balance of the value of the car. In other words, the trade in value of a vehicle you buy is usually worth more and you always have the option to sell your Buick or GMC to a third party. Take the survey below to help decide if leasing is right for you.

Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.

When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.

Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.

Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.

If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.

If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.